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NT Bureau
Chennai, July 3:

        Tamilnadu Mercantile Bank Ltd opened its 183rd branch at Arantangi recently.

        V K Veerappan, managing director, Aranthangi Chemicals (P) Ltd inaugurated the new branch in the presence of G Narayana Moorthy, managing director and CEO of the bank and B Ramachandra Adityan, director of the bank.

        Earlier S Rajarathinam, TALC Gurusamy Nadar Corporation lighted the kuthuvilakku to mark the inauguration. K K Basheer Ali of Supreme Cellular inaugurated the computer operations while Athimoola Thevar of Athi Traders unveiled the locker facility.

        Speaking on the occasion, G Narayana Moorthy said that the bank has targeted to double its business to Rs 20,000 crore by March 2010. The bank is comfortably placed with the capital adequacy ratio of 16.77 per cent. The bank registered a net profit of Rs 105.78 crore in the year 2006-07 and the networth stood at Rs 759.15 crore as on 31 March, 2007. The bank has 50 TMB Surabhi ATMs at present and it proposes to open 50 more ATMs within the end of this financial year.

        Significantly, the bank has entered into an agreement with UAE Exchange Ltd for speedy remittance of money from UAE. The bank will shortly introduce internet banking and mobile banking.